A member of the House told National Mirror that the Chairman of the House Committee on Appropriations, Hon. John Owan Enoh (PDP-Cross River), had informed members that the details had arrived from the Presidency.
“I just received a text message from Hon. John Enoh now that the budget details have arrived and we (members) can come and have the details,” he said.
Hon. Ali Ahmad (APCKwara), a member of the Budget Legal Implications Committee set up by the Speaker of the House, Hon. Aminu Tambuwal last week, said yesterday that “the budget will be discussed” today.
In an exclusive chat, Ahmad said the estimates may be considered pending the provision of estimates of some agencies in line with section 21 (1), (2) and (3) of the Fiscal Responsibility Act.
National Mirror also gathered from a source in the House that the Presidency was ready to allow for a compromise of some sub-heads or some proposals in the money bill to allow its passage by the House.
Hon. Emmanuel Jime (APC-Benue) had caused a stir last week, when he raised a motion asking the House not to consider the budget based on its breach of the Fiscal Responsibility Act, 2004.
He said the Minister of Finance Dr. Ngozi Okonjo- Iweala, would next week approach the House on issues of a possible compromise. ¬The House through its Committee on Finance had earlier rebuked the minister for trying too hard to paint a rosy picture of an economy in dire straits.
The Clerk of the Committee, Mr. Farouk Mustapha, in a statement he signed yesterday on behalf of the committee, queried the minister’s handling of the economy and sought fresh answers to key aspects of the economy.
“The minister’s latest attempt was in a statement issued from her office, citing a reduction in domestic borrowing and reasons for the seemingly uncontrollable rise in the recurrent expenditure.
“For us, we have carefully refrained from responding to the minister’s assertions and claims over the past couple of weeks in view of the fact that a public hearing at which the actual state of our economy will be known have already been scheduled for March 3 to 6, 2014.
“Nonetheless, we are compelled to say, as we have often stated, that no one is excited about the celebrated insignificant decline in domestic borrowing.
What the people are asking is, borrowing at what cost? What is the cost of these so-called reduced domestic borrowings, how are they serviced? How are the decisions taken?
“Beyond that, since the minister is in the habit of comparing our situation with those of other countries, why would she not tell Nigerians that the cost of our domestic borrowing remains one of the highest in the whole world!
“In 2011, our domestic debt stock was N5.6 trillion; it rose to N6.5 trillion in 2012, and by 2013 it climbed higher to N7.1 trillion. Domestic borrowing for 2011 stood at N852 billion, N744 billion in 2012 and N588 billion in 2013.
For 2014, it is put at N572 billion. The cost of servicing the debt was N495 billion in 2011. In 2012 it increased to N559 billion and jumped to N591 billion in 2013.
In 2014 a whopping N712 billion has been earmarked for debt servicing. He said; “On the issue of rising recurrent expenditure, the minister should tell Nigerians her accomplishments in the drive to lower it, instead of repeatedly passing the buck. It does not help to keep laying the blame at the doorsteps of previous administrations or attempt to drag late President Umaru Yar’Adua and President Goodluck Jonathan into the problem.
“The minister said cuts have been made in the recurrent expenditure but in what areas and by how much? Are the cuts made anything to be proud of ? “Our recurrent expenditure in 2011 stood at N2.4 trillion.
In 2012 it rose to N3.4 trillion and dropped to N2.4 trillion again in 2013. In 2014 it has risen a little higher to N2.43 trillion. “In acknowledgement of her established reputation as a world-class economist and banker, President Jonathan called her home from the United States to help provide direction and improve the economy.
“Dr. Okonjo-Iweala should let us know if this challenge surpasses her expectation, therefore, she is finding it difficult to cope. However, we like to repeat our earlier caution to Nigerians not to be deceived by the bogus statistics from the ministry. It is high time some people in public office stopped believing they possess the monopoly of knowledge on the economy.”
Meanwhile, the Coalition of Civil Society Organizations in Nigeria yesterday urged the National Assembly to fast-track the ongoing deliberations on the 2014 Appropriation Bill to ensure that its socio-economic benefits accrue to the country.
Source: National Mirror
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